The Hurricane Insurance Protection-Wind Index (HIP-WI) Endorsement offers extra protection when combined with an underlying crop insurance policy.
Coverage kicks in when a county, or neighboring county, is hit by a named hurricane based on data published by the National Hurricane Center (NHC) at the National Oceanic and Atmospheric Administration (NOAA).
How Does It Work?
- HIP-WI and Tropical Storm indemnities are paid when county loss criteria are met.
- No Notice of Loss is required to be filed for a claim since payments are automatically triggered.
- Tropical Storm indemnities are limited to 50% of the Hurricane Protection Amount (HPA). When combined with HIP-WI, up to two indemnities are allowed but cannot exceed 100% of the HPA.
What are the Benefits?
- No additional acreage report is required for HIP-WI coverage since it’s based on your underlying policy.
- Coverage can be combined with the Supplemental Coverage Option (SCO) and the Stacked Income Protection Plan (STAX) with companion policies.
- HIP-WI may be paired with the Tropical Storm Endorsement for even more protection.
HIP-WI Sales Closing Date:
The Sales Closing Date for HIP-WI coverage is the same as the underlying crop policy.
For 2023 only, the Sales Closing Date for Tropical Storm coverage is April 30. HIP-WI and Tropical Storm coverage may be selected together until April 30, but not HIP-WI only. For the following crop year, the Sales Closing Date for both coverages aligns with the crop the election is made with.
The Cancellation Date for each endorsement is the same as the underlying crop policy.